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Pension increases

During the course of payment your pension will increase each year, as long as there is an increase in the Retail Prices Index (RPI). The Founding Companies may request Trustee approval for a discretionary increase over the RPI level, for example if there is no increase in RPI.

How does my pension increase?

If you joined the SOCPF before 1 January 2009, your pension will increase each year in line with increases in the RPI up to 7% each year.

If you joined the SOCPF on or after 1 January 2009, your pension will increase each year in line with increases in the RPI up to 5% each year.

What increases have been awarded in the past?

A history of the pension increases is not an indication of future increases. Any trends in RPI may change in the future.

What happens if the increase in the RPI is above 7% or 5%?

The Founding Companies of the SOCPF can ask the Trustee to approve annual increases above 7% for members who joined the SOCPF before 1 January 2009 or 5% for members who joined the SOCPF on or after 1 January 2009, up to the percentage increase in the RPI. The Founding Companies’ decision will be made after taking into account the level of RPI increase for the year in question, the practice of other leading companies, the funding position of the SOCPF, and the cost of providing such an increase.